The U.S. District Court has convicted Mark Scott, a lawyer connected to the OneCoin cryptocurrency pyramid, to ten years in prison, marking a significant breakthrough in the case. Scott was found guilty on two felony counts related to money laundering and bank fraud prior to the conviction. The accusations center on the purported $400 million in money laundering that came from the OneCoin project.

OneCoin: Its Ascent and Decline

The OneCoin initiative raised around $4 billion between 2014 and 2016, marketing itself as a cryptocurrency with a structure similar to that of Bitcoin. Co-founders Carl Sebastian Greenwood and Ruja Ignatova, also known as the “crypto queen,” promoted OneCoin through an MLM network. But as time went on, it became clear that the initiative was a financial pyramid all along.

Throughout the trial, Mark Scott’s defense team insisted that he was not aware of OneCoin’s fraudulent nature, despite the disclosures.

Charges Made Against Mark Scott

According to the prosecution, Scott created an investing fund to handle money from Ruja Ignatova and made $50 million doing so. It came to light throughout the trial that Scott had misrepresented the names of his alleged supporters. In addition, he is charged in the indictment with selling a sports car and moving the money to an offshore account.

Misuse of Funds and Plans for Appeal

The claim made in the court proceedings was that Scott’s funds ought to have gone toward compensating the OneCoin pyramid’s victims. Scott plans to appeal the decision because he claims he only learned about the fraud through online communications.

Additional Legal Consequences for OneCoin Partners

The former head of OneCoin’s legal department, Irina Dilkinska, might also get a 10-year sentence. She entered a guilty plea to the fraud and money laundering allegations. Dilkinska did not carry out her assigned duties; instead, she transferred money to offshore accounts. She is due to be sentenced on February 14.

Another important character in the OneCoin story, Karl Sebastian Greenwood, is already detained. He was sentenced to 20 years in prison and ordered to pay $300 million in reparations to the victims of OneCoin in September of the previous year.

Princess Diana’s Attorneys Will File a Lawsuit Against OneCoin

In a related incident, it has been revealed that the legal team representing Princess Diana is getting ready to sue OneCoin. This judicial action further complicates the ongoing legal battles involving the fake bitcoin scheme.

The OneCoin scandal’s participants’ fates are coming to light as the judicial process progresses, providing insight into the magnitude of the financial misconduct and its effects on the victims.